Quarterly Report

Tertiary Minerals PLC
30 April 2001

                            Tertiary Minerals plc

QUARTERLY REPORT ON EXPLORATION ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2001

INTRODUCTION

This report gives details of exploration work carried out and results received
during the quarter ended 31 March 2001 and up to the date of this report.

Exploration activity has continued at a high level, with drilling programmes
carried out at two projects, Windfall and Lake Hill. In addition the Company
is continuing with its new project acquisition strategy and has evaluated a
number of project proposals where negotiations are continuing. Emphasis is
currently being placed on more advanced exploration and development projects.

 SENIOR GEOLOGIST

As previously announced on 7 March 2001, the Company is pleased to welcome as
a new employee Senior Geologist Mr. Hugh Stuart. Mr Stuart joins the Company
from Ashanti Goldfields where he was exploration manager for the Geita Project
in Tanzania from initial exploration into production. During this time 10m
ounces of gold resources were established in three deposits at Geita where
mining started in June last year. In particular Mr Stuart was instrumental in
the discovery of the 7.5m ounce Nyankanga orebody.

 BASE-METAL PROJECTS

WINDFALL PROJECT (Sweden) - Tertiary Minerals 75% - 100%

Six drill holes were completed during the quarter.

Three holes tested for a southern extension of mineralisation at the Sortarnan
prospect. Each of the three holes intersected the main skarn altered
mineralised horizon and narrow intersection of zinc-lead-silver
mineralisation. Whilst the thickness and grades of mineralisation were lower
than in previous holes drilled at Sortarnan the programme has demonstrated the
continuation of the mineralised horizon at Sortarnan for a further 150m (total
250m strike length) where it remains open and well developed.

Drilling results - Sortartnan Prospect

Hole No.  From To  Down     %    %    %      ppm    Coord.  Coord.  Dip   Az.
                   Hole               Copper Silver
               m   Length   Zinc Lead               North   East
01SD113   48.4 49.4 1.0m     2.4% 0.6% -      23 ppm 6719600 1561135 50o   324 o
01SD114   33.8 44.0 10.2m    2.5% 0.9% 0.1%   22 ppm 6719627 1561177 50o   324 o
including 41.4 41.6 0.2m     17.8% 6.9% 0.1%   86 ppm
01SD115   30.7 31.4 0.7m     3.3% 0.4% -      28 ppm 6719571 1561092 50o   324 o

At the Vindfall prospect three holes tested the two best MMI base-metal
geochemical anomalies at shallow depth but failed to intersect significant
mineralisation.

Agreement was reached with Boliden during the quarter to exchange detailed
drill data for the Windfall project . Boliden explored the project over many
years from the 1960's, drilling 83 holes. Whilst drill core from this project
became available to the Company last year, this agreement with Boliden will
provide additional valuable data.

All of the combined historical drilling data is being entered on Micromine
resource modelling software and a thorough re-evaluation of the project is now
being undertaken.



PLATINUM GROUP METAL ('PGM') & NICKEL-COPPER PROJECTS

FINNMARK PROJECT (Norway) - Tertiary Minerals 100%

The Company has been granted a further 12 preclaims to take the total number
of granted preclaims in Finnmark to 179 in 10 separate blocks. Each preclaim
block covers ultramafic intrusions considered prospective for Platinum Group
Metals.

 LAKE HILL PROJECT (Sweden) - Tertiary Minerals 100%

A ground geophysical survey was carried out to locate and better define a
coincident magnetic and electromagnetic airborne geophysical anomaly
associated with the margin of a large gabbroic intrusion and its contact with
surrounding sedimentary rocks.

The survey, which comprised ground magnetic, electromagnetic and gravity
traverses, defined a broad conductive and magnetic zone surrounding a
discrete, stronger magnetic conductor with coincident gravity anomaly. This
was interpreted to represent a body of sulphide mineralisation.

Drill testing of this anomaly intersected a zone of graphitic schists with
disseminated sulphides (dominated by the iron sulphides pyrrhotite and pyrite)
intruded by a narrow mafic dyke. Assay results are awaited but this style of
mineralisation is not considered favourable for the occurrence of PGM's.

TANTLALUM PROJECTS

VIITANIEMI (Finland) - Tertiary Minerals 100%

The final report on the December 2000 drilling programme was received from the
Geological Survey of Finland.

This has confirmed the preliminary results reported in the December 2000
quarterly report and highlights the exploration potential of the Sepalanranta
area within the Company's Viitaniemi claim reservation where numerous
pegmatites of the columbite-beryl-phosphate type have been mapped. Further
work is planned to evaluate this area.

GOLD PROJECTS

JUNIPER RIDGE PROJECT (Sweden) - Tertiary Minerals 100%

Assays have now been received for individual samples from previously
composited drill samples from the two drill holes reported last quarter.

These results confirmed previously reported results with broad zones of
uniformly anomalous gold values.

Follow up drilling is warranted. Key areas of the existing exploration permits
have been renewed.

BOLIDEN EAST PROJECT (Sweden) - Tertiary Minerals 100%

This project is located adjacent to the Boliden mine which, up to 1965,
produced 4 million ounces of gold.

Interpretation has been completed for a previously reported geochemical till
sampling programme to investigate a target to the east of the Boliden mine.

The results indicate a multi-element geochemical anomaly with an element
association similar to that for the Boliden ore.

Follow up geochemical sampling and drilling is warranted. The project
exploration permit to the east of the Boliden mine has been renewed for a
three-year period and other less prospective areas have been relinquished.

ROCKY BAY PROJECT (Sweden) - Tertiary Minerals 75%

A report on geochemical sampling carried out last year has indicated only weak
arsenic and very weak gold anomalies.

It is considered that these anomalies do not warrant follow up work and the
project exploration permit has been allowed to lapse.

Patrick L Cheetham          30 April 2001

Executive Chairman